Austin, Texas, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Self, a leading fintech startup offering people a way to build their credit while also saving money, today announced the release of the Self Visa® Credit Card. This first-of-its-kind secured card uses a unique funding model to provide customers with a line of credit without the need for a significant upfront investment or a credit check – two areas that perennially sideline subprime consumers who are looking to build their credit scores.
Rather than relying on traditional models to judge credit competency, Self leverages the Credit Builder Account, Self’s installment loan program that supports users as they build a positive payment history, as a bellwether for eligibility. In order to be eligible, customers must have reached at least $100 in savings progress in their Self Credit Builder Account and their account must be in good standing.
Self Credit Builder account holders select a portion of their savings progress ($100 or more) to secure their Self Visa Credit Card and set their limit. Once the limit is secured, the user orders their card, activates it upon receipt and can monitor spending and pay bills right from their Self account.
“The traditional secured card model, while well-intentioned, relies on the consumer having equity to put down before they can secure a card, sometimes starting at $500. For a consumer who wants to build credit and might not have that capital on hand, such requirements can be prohibitive,” said James Garvey, CEO of Self. “With the Self Visa Credit Card, we’ve rethought the whole secured card model and come up with a novel approach that allows people to build credit without a lot of money up front or the need for a hard credit pull. Our model resembles a savings payment plan, with cumulative credit-building benefits because account holders are also building credit while obtaining access to a secured card.”
The Self Visa Credit Card is issued by Lead Bank and accepted anywhere Visa credit cards are accepted in the United States. Use of the card touches on three major credit factors that make up 75 percent of a customer’s credit score. Responsible use and payment helps customers establish credit and could help improve their credit score.
About Self
Self is a leading fintech startup with a mission to help people build credit – particularly those who are new to credit or who might not have access to traditional financial products. For more information, visit www.self.inc.